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The Project Gutenberg eBook, The Economic Consequences of the Peace, by John Maynard Keynes This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at www.gutenberg.net Title: The Economic Consequences of the Peace Author: John Maynard Keynes Release Date: May 6, 2005 [eBook #15776] Language: English Character set encoding: ISO-646-US (US-ASCII) ***START OF THE PROJECT GUTENBERG EBOOK THE ECONOMIC CONSEQUENCES OF THE PEACE*** E-text prepared by Rick Niles, Jon King, and the Project Gutenberg Online Distributed Proofreading Team THE ECONOMIC CONSEQUENCES OF THE PEACE by JOHN MAYNARD KEYNES, C.B. Fellow of King's College, Cambridge New York Harcourt, Brace and Howe 1920 PREFACE The writer of this book was temporarily attached to the British Treasury during the war and was their official representative at the Paris Peace Conference up to June 7, 1919; he also sat as deputy for the Chancellor of the Exchequer on the Supreme Economic Council. He resigned from these positions when it became evident that hope could no longer be entertained of substantial modification in the draft Terms of Peace. The grounds of his objection to the Treaty, or rather to the whole policy of the Conference towards the economic problems of Europe, will appear in the following chapters. They are entirely of a public character, and are based on facts known to the whole world. J.M. Keynes. King's College, Cambridge, November, 1919. CONTENTS I. INTRODUCTORY II. EUROPE BEFORE THE WAR III. THE CONFERENCE IV. THE TREATY V. REPARATION VI. EUROPE AFTER THE TREATY VII. REMEDIES THE ECONOMIC CONSEQUENCES OF THE PEACE CHAPTER I INTRODUCTORY The power to become habituated to his surroundings is a marked characteristic of mankind. Very few of us realize with conviction the intensely unusual, unstable, complicated, unreliable, temporary nature of the economic organization by which Western Europe has lived for the last half century. We assume some of the most peculiar and temporary of our late advantages as natural, permanent, and to be depended on, and we lay our plans accordingly. On this sandy and false foundation we scheme for social improvement and dress our politi
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